WASHINGTON (dpa-AFX) - On Thursday, Csquare Inc., a digital infrastructure platform, announced the pricing of its initial public offering of 50 million shares of its common stock at a price of $21 per share.
Additionally, the company has given underwriters a 30-day option to purchase up to an additional 7.50 million shares of common stock at the IPO price, less underwriting discounts and commissions.
The shares are expected to start trading on the NYSE on Thursday under the ticker 'CQSR'.
The offering is expected to close on July 17.
The company expects the net proceeds to be be approximately $1.05 billion, before the deduction of underwriting discounts and commissions. The proceeds would be $1.208 billion if the underwriters exercise their over-allotment option in full.
The company intends to use the net proceeds to repay a portion of its debt and to pay fees and expenses related to the offering.
The IPO is being made through a group of underwriters with Morgan Stanley and TD Securities serving as representatives of the underwriters.
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